NZDUSD Price Action Analysis – 10th July 2018
NZDUSD has been Bullish on the H4 chart. The buying pressure is not that strong, but the price has kept making higher highs. Today’s first H4 candle was a Bullish candle. The next one came out as a Bearish candle. If the current candle ends up being a Bearish candle too and the next H4 candle comes out as a Bullish Engulfing Candle, then an H1 breakout at yesterday’s higher high would be the signal to take a long entry.
The level of 0.68225 has the potential to be a level of Support here. If that level is held by the H4 candles and it produces that Bullish Engulfing candle, then we would have to wait for an H1 breakout at the level of 0.68545 to take the long entry. The price has to come at the level of 0.6825 though. I assume this would be the key level here since the price had reacted to this level earlier. Let us have a look at the summary of the trade…
- Entry- H1 breakout at 0.68545
- Stop loss- Below 0.68225
- Take profit- 0.69050
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
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Today’s Support or Stop loss level is a significant level here. If we look at the chart, it is clear that this level has huge significance. The price would either be held and go upward from this level or it has to be broken clearly if it is to come down. One way or the other, this is the level that the traders have to keep their eyes on.
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